The 10-second takeaway
For the quarter ended March 31 (Q1), Chevron whiffed on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue shrank. GAAP earnings per share contracted slightly.
Gross margins contracted, operating margins increased, net margins dropped.
Chevron booked revenue of $56.82 billion. The two analysts polled by S&P Capital IQ expected revenue of $77.38 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $3.18. The 16 earnings estimates compiled by S&P Capital IQ anticipated $3.07 per share. GAAP EPS of $3.18 for Q1 were 2.8% lower than the prior-year quarter's $3.27 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 30.2%, 70 basis points worse than the prior-year quarter. Operating margin was 18.1%, 10 basis points better than the prior-year quarter. Net margin was 10.9%, 40 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $79.65 billion. On the bottom line, the average EPS estimate is $3.15.
Next year's average estimate for revenue is $259.75 billion. The average EPS estimate is $12.60.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 4,118 members out of 4,278 rating the stock outperform, and 160 members rating it underperform. Among 1,001 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 977 give Chevron a green thumbs-up, and 24 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Chevron is outperform, with an average price target of $128.55.
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